Cam Boyd with his associate Ben Berend. Photo courtesy of the Boyd & Berend Group.

In the high-altitude haven of Steamboat Springs, change is in the mountain air – not just in the weather, but in the housing market, too. After a few years of tight inventory and fierce competition, the local real estate scene is showing signs of balance. In fact, Steamboat might just be on the cusp of a buyer’s market.

“For the past year, we’ve hovered in more of a neutral market,” says a local real estate expert, Cam Boyd with the Boyd and Berend Group at Steamboat Sotheby’s International Realty. 

Compared to this time last year, the number of homes – and even vacant land – for sale has jumped 27%. That’s a significant shift, and it’s helping cool prices and steady the once-frenzied pace. The result? A window of opportunity, especially for those looking to buy their first home or finally put down roots in this beloved mountain town.

While national headlines continue to focus on interest rates, local dynamics tell a different story. “Rates have hovered around 6.5-7% for the past two years,” Cam says. “That’s actually close to the 50-year average and it seems like we’re going to be in this range for a while.” With a large number of cash buyers in this market, interest rate doesn’t make as big of an impact on the market here as much as it might elsewhere.

What is making waves in Steamboat’s market is the rise of primary homebuyers. With remote work on the rise and lifestyle ranking high on buyers’ priority lists, more people are choosing to make Steamboat their full-time home. “If you can work from anywhere, why not live somewhere like Steamboat where you can get fresh tracks on a powder day then be at work in your home office by 10:00?” Cam says.

This shift has brought change not just to who’s buying, but where they’re buying. While the ski resort remains a hot spot for vacation properties, neighborhoods outside the ski-in/ski-out zone are gaining appeal. With lower HOA fees, quieter settings and a mix of full-time and second-home residents, these areas offer a lifestyle that's a little less touristy and a little more local.

As home prices in Steamboat climb, outlying communities like Hayden, Oak Creek and Stagecoach are heating up. “These towns have great schools, friendly communities and they’re all within about 30 minutes of Steamboat,” Cam says. “They’re great places to raise families or buy your first home.”

Even as short-term rentals remain a topic of debate in many mountain towns, our source doesn’t see a significant impact on the housing supply for locals. “Most people buy short-term rentals so they can use them themselves. Taking them out of the rental pool hasn’t led to a big uptick in long-term rental availability – just more homes sitting empty between visits.”

Affordability remains a concern, as it does in nearly every resort town. Still, Steamboat is exploring creative solutions – like a Regional Transportation Authority that could make commuting from more affordable areas easier. 

Of course, change comes with growing pains. “Steamboat’s evolved a lot over the past 40 years,” Cam says. “We’ve got better healthcare, more music and art, and stronger transportation options. But it also means more traffic, longer lift lines and higher costs.”

Still, most people wouldn’t trade it. “I’ll still take Steamboat over any other town I’ve ever visited,” Cam says. Between the Yampa River valley, the agriculture and the world-class recreation –  from skiing and biking to hockey and pickleball – it’s hard to beat.

Looking ahead, the forecast calls for more full-time residents, a maturing population seeking active lifestyles. But the core message remains simple: if you’re thinking about buying or selling, don’t wait for a perfect moment.

“I know people who waited and missed out,” Cam says, “but I don’t know many who bought here and regretted it.”